Savannah morning news. [volume] (Savannah) 1868-1887, 1887-02-07
THE PHOENIX MINE.

What Number Of Experts Say-A
Chat With the President of the
Company.
A reporter called on Col. f. S. JemIson,
President OF the Phoenix Mining Com
paDy. and asked for such Information as
he had to give the public who might be
interested IN the Phoenix stock.
YES" said Col. Jemison, "the stock is
very active on The Exchange, and, to be
candid, can give you no good reason for
it's fluctuations. The stock has strong
friends, who will trade in it, and stand
ready at all times to buy all offered at So
or SIS. | think for the present it will
vibrate between So and $l5, although
new strike at the mine Nigh run 1t much
higher. But" said the Colonel, 81 am
more interested in what the mining engi-
neers say OF the mine itself. l will show
you the reports that we have. Some are
enthusiastic, others extremely conserva-
tive. BY taking them altogether one
should arrive at fair average. Here is
Prof. Thomas F. Hopkins. careful man,
a personal friend of Cardinal Gibbons, OF
Baltimore, and his estimates are nearly
900, 600 tons OF ore at $40 per ton.
"Prof. William Z. Blake, an engineer
of high reputation, SAYS: Il am led to
conclude that theN is very large
amount OF free-milling gold ore above the
level OF the creek and that it can be ex-
tracted at a good profit by having the
proper plant. l believe that the average
of the rock which can be largely and
cheaply mined will be as high as IS to
the ton, and much of it will run between
$40 and SO. l could so arrange that the
cost of mining and milling would not eX-
coed 81 30 to So per ton, probably much
less. | believe it will return a large
profit if properly handled
William Thomas, a mining captain of
long experience, said some time before
the Shipmsn tunnel WAS started that
there was In sight about 100000 tons of
ore averaging at least $40 per ton.
"R. b. Todd, superintendent Of the
mine, in his late report to me, estimates
1000, 900 tons of ore averaging $14 9S per
ton now in sight, the main vein being
thirty feet wide.
prof. Charles r. Fletcher, State AS
saver of Massachusetts, reports 1000, 900
tons OF ore available for milling that will
pay $l2 per ton. He advises the erection
OF 100 stamp mills to crush 800 tons per
day. Wood and water plenty. Can run
mill by water power. Ore free milling.
prof. George W. Maynard, who is ac
knowledged to be the peer of any man IN
his profession, and who always leans ex-
tremely toward the conservative side, re-
Gently examined the mine. He took par
ticular pains with his assays, putting the
pulp through an 80 mesh sieve 10 sepa-
rate any particles OF free gold that might
be in the ore, and yet be reports a vein %
feet wide, averaging $l2 80 per ton, or say
IS feet. averaging 81 70 per ton, and he
believes that a 50-stamp mill will pay
$3.50, coo per annum to begin with. More
stamps TO be added as the mine is opened
further.
the originals of these reports" added
Col. JemisOn, "are here for the inspection
OF stockholders at all times. l hope to
see 200 stamps pounding away on Phg-
nix rock very soon, and | see no reason
why the profits should not reach $1,000
900 per annum. Bear in mind that over
1000 tons of our ore nave been milled and
have yielded over $13 per ton in gold. We
have virgin nine, and feel confident
that our dividend record for ire next ten
years will compare favorablv with that of
any gold mine now producing. '-Ihe
tribune.